Al Rashed Developments, one of the leading developers in West Cairo, announced the successful signing of a strategic national partnership with Sheikh Jaber bin Saeed Al-Harbi, Owner and Chairman of Venecia Resorts and Hotels in Egypt, to develop a major real estate project named “JINAN” in New Sheikh Zayed City, with total investments exceeding EGP 2bn, Invest-Gate reports.

Sheikh Jaber bin Saeed Al-Harbi praised the remarkable economic transformation led by President Abdel Fattah El-Sisi, emphasizing his pivotal role in driving unprecedented growth across all sectors, particularly real estate. He noted that the Egyptian real estate market has become one of the strongest in the region, offering promising opportunities for both Arab and foreign investors.

Sheikh Al-Harbi highlighted the government’s success in maintaining a stable investment environment supported by progressive economic policies. He stated that The Ministry of Housing has launched numerous investment land plots in recent years, and our company acquired a prime site in New Sheikh Zayed City for a project worth over EGP 2bn as part of the Egyptian–Saudi partnership in real estate development.

He further stated that Egypt’s urban progress over the past three years equals what was achieved in an entire decade, adding: “We are not just builders of concrete; we are introducing a new vision based on sustainability and integrated development. Egypt today is embracing the world and stands as one of the region’s most dynamic real estate economies.”

Eng. Sami Wagdy, Chairman of Al Rashed Developments, praised the Egyptian government’s strong support for both local and foreign investors. He noted that flexible legislation, expedited land allocation, and investment incentives have made Egypt a preferred destination for regional capital, reinforcing investor confidence and encouraging expansion in the booming real estate sector.

Wagdy explained that the JINAN Project marks the culmination of Al Rashed’s journey that began in Jeddah in 2014 and expanded into Egypt in 2018.

Wagdy added: “We take great pride in seeing our efforts align with any Arab nation, particularly Saudi Arabia, where our journey began. This partnership with Sheikh Jaber Al-Harbi reflects the spirit of brotherhood and success shared between our two nations.”

Spanning 47,000 sqm, JINAN is the first all-villa compound in New Sheikh Zayed City, designed to provide an environmentally friendly, fully integrated living experience. The project will include 10 luxury palaces, flexible payment plans, a five-star hotel (under negotiation with global brands), and a Business Hub equipped with international meeting facilities, 5G internet, and electric vehicle charging stations.

Wagdy affirmed that the project aligns with the company’s Vision 2030, focusing on developments that create lasting community value, noting that the project targets sales exceeding EGP 2bn throughout its implementation phases. He added: “We do not view real estate as selling units, but as building a complete lifestyle. JINAN embodies harmony between architectural elegance, green spaces, and smart technology to serve Egyptian families in their daily lives.”

He concluded by stating: “This Egyptian–Saudi partnership is a message of confidence in Egypt’s real estate potential and a step toward forming strong Arab economic alliances capable of building a competitive regional and global future. JINAN is our first milestone on that journey.”